Bednar Financial Group: A Good Time to Save for Retirement

It’s getting closer to tax time and if you’re looking for some last-minute ways to provide a tax shelter for some of your 2017 hard-earned income, Bednar Financial Group has some suggestions. You may want to consider contributing to a traditional or Roth IRA.

There is still time to make your IRA contributions count towards 2017. The limits for both Roth IRA and traditional IRA contributions have not changed between 2017 and 2018.

The amount you can contribute to a Roth or traditional IRA account is $5,500 for those who are under age 50. An additional $1,000 catch-up contribution provides a total of $6,500, if you’re over age 50.

For a Roth IRA, there are limits on the amount you can contribute and reduce or eventually eliminate at higher income levels. If you are eligible to contribute and satisfy the requirements, the future tax advantages with the Roth are that all of your earnings and qualified distributions are tax-free later in retirement. It’s hard to match the Roth’s tax benefits.

A traditional IRA has deduction limits as well. Your ability to deduct contributions may be limited or eliminated if you or your spouse are covered by a retirement plan at work. If eligible, since traditional IRA deductions are pre-tax, you can contribute and deduct some of that hard-earned income from your 2017 tax filing.

To find out more about your options, check with Bednar Financial Group. First started by Jim Bednar of Lititz, the Bednar Financial Group takes a visionary approach to financial services with the expertise of Senior Partner, Kevin Lamson, and the Bednar team in their continuing commitment to service and planning.

Located at 620 Oregon Road, the Bednar Financial Group offers a strong sense of teamwork, providing a better understanding of financial planning and the tools needed to reach your financial goals, whether you are just starting out with a growing family, or reaching your retirement years.

Bednar Financial Group is focused to help clients in the areas of investments, financial planning, retirement planning, estate planning and insurance services. With the vision of growing and strengthening the business, Bednar Financial Group expanded its breath and scope, with Mark Snavely serving as President of Bednar Insurance Services, LLC.

Find out more about how Bednar Financial Group can serve your financial and insurance needs by checking the website at www.bednarfinancialgroup.com or call 717-435-8350.